5216 E Lake Road | Sheffield
48 fully renovated units in Sheffield Lake, two buildings side by side, 100% occupied, priced at $3,975,000. That is $82,813 a door. In an operator\u0027s hands this stabilizes to a 7.4% cap on about $294,000 of NOI, with a clear path higher as rents reach market.\r\n\r\nThe building is 100% occupied with a waitlist of tenants trying to get in, and rents sit about $130 a door under market. You do not need a renovation or a repositioning to hit pro forma. Re-rent at market on natural turnover and the income climbs on its own, up to about $368,000 in NOI, a 9.26% cap.\r\n\r\nAll 48 units are done, shaker cabinets, granite, stainless, updated flooring, the whole nine yards. No gut job waiting for you. The buildings went up in 1972 and show well across 33,400 square feet. Tenants pay their own electric. Ownership covers heat, water and sewer, and trash, which is exactly where a sharp manager finds margin. On-site laundry and other income add about $35,000 a year on top of rent.\r\n\r\nThe Ford Ohio Assembly Plant sits partly inside the town\u0027s own borders, and Ford is partway through a $1.5 billion expansion there set to add 1,800 jobs. Add a lakefront setting on Lake Erie about 17 miles west of downtown Cleveland, same shoreline as Avon Lake, and you have durable tenant demand parked next door. That is why these buildings stay full with a line out the door. Clean, easy buildings to run at a basis that does not come around often. Reach out and I will get you the full financials and rent roll. MLSNow 5215074 Directions to property: E Lake Rd.
Information deemed reliable but not guaranteed. Zid Realty & Associates is a member of the National Association of REALTORS® Equal Housing Opportunity